At various points in our entrepreneurial journey we are faced with major decisions that could effect the trajectory of our business. At startup it’s about what to DIY and what to outsource. When it’s time to scale it’s about how we harness the systems in our business and price our services.
But it’s not just about the numbers. Yes, to make a great decision we need to understand the impact of pricing, our time and expenses. But have you ever consciously made a decision based on your values?
Eliza from Bread Budgeting Services provides a unique perspective to number based decision making. She takes you through a process to understand what is important to you and your family and then applies the numbers to make sense of it all!
I caught up with Eliza recently to chat about her unique perspective and was soon engrossed in all the possibilities of applying her process.
Eliza’s passion in helping small businesses thrive is evident. “I LOVE strategy and found myself thinking of new strategies for businesses I came into contact with. Given so many businesses fail in the first three years, mostly due to cash flow issues, I felt I could offer a lot of support to help others build successful business”.
“I was very lucky that I had a part time role at the company I was working at. However, the role itself sparked no joy. It was fun working with others, but I wanted more challenging projects and to help more people. Having said that, working from home meant that I could avoid before and after school care for my then kindy child, which helped immensely with her (and my) transition to big school!” Like so many other mums (myself included), the juggle and sense of achievement was a real drawcard for starting her own business.
Numbers are your friend
But starting your own business can be extremely daunting, especially when it comes to understanding the numbers. Many women entrepreneurs run from their numbers. Do you know how much profit you make a month? A week? A day? And how this relates to the time that you spend on marketing efforts? Eliza provides you with the exact tasks you need to do to achieve your goals. Real, clear and precise direction. “I give you a clear sense of next steps, so you can stop wondering what to do, and just do it. You will also be assured that what you do, you are doing for sound reasons AND is also aligned with your values.”
Whilst I have no fear of numbers myself (mega Meld nerd fact – I did 4 Unit Maths for my HSC), I can understand why many people, and women in particular, don’t feel comfortable. But it’s so important to ensure your business thrives! Eliza suggests taking baby steps in learning to embrace your numbers.
As a first step Eliza recommends downloading your last quarter’s bank statement. List your income and expenses so you can see what is bringing in the most income and highlight what is costing you the most. You may not be able to change this immediately, but it will help you to think of ways to maximise income from the income drivers or look for alternatives for your highest costs. If you need to go back to basics, you can sign up to Eliza’s newsletter and download her free finance training video.
Applying your values
When we started talking about how this could be applied to all the service businesses out there, the possibilities were endless! Do you associate with any of the following situations?
How to price your course to make money
Optimal pricing for membership programs
Deciding between renting or purchasing a commercial property
Deciding between two major purchases for your business
How to price your service to ensure you are setting yourself up for success
Figuring out where to best spend your time based on expected returns eg are you spending too much time on social media?
If so, then you need some Bread in your life! Eliza has recently increase the price of her Starter Package to $500, but as a special offer for Meld readers, she is offering a crazy 50% discount for the next two weeks! So, what does it include?
All the templates you need to create an aligned, realistic strategy
2 half hour meetings to discuss your unique challenges and options
An easy-to-follow tactical plan to help you achieve your strategic plan
So, if you’re ready to be clear on your values and how it relates to your business, have a framework to evaluate your decisions and beat procrastination and decision fatigue, then this is an offer you can’t pass up! Simply email Eliza by 1 August 2018 and mention that you read this blog (There’s no affiliate marketing here. I just love Eliza and what she does!).
As a child I was envious of our cat, who got sleep all day, stay indoors and get endless pats. I love to sleep, potter at home and if I could find someone to massage me for 5 hours a day I’d totally do it. So, I reckon I was on to something.
If there is anything I love more than being at home, it’s travel. To make that happen takes an understanding of my values and a close eye on the budget. I decided to put that to good use and help business owners better understand their values and numbers to create meaningful strategic plans. And I love what I do!
I live in inner west Sydney with my husband, two school aged children and a feisty puppy.